MAR3023 - Exam 2 (Jumbo Set)

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University of Florida

Marketing

163 Terms

1

Product

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

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2

Good

has tangible attributes that a consumer's five senses can perceive (ex: iPad); it may also have intangible attributes consisting of its delivery or warranties and embody more abstract concepts, such as becoming healthier or wealthier

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3

Nondurable good

an item consumed in one or a few uses, such as food products and fuel

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4

Durable good

one that usually lasts over many uses, such as appliances, cars, and mobile phones

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5

Idea

a thought that leads to a product or action, such as a concept for a new invention or getting people to vote

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6

Consumer products

products purchased by the ultimate consumer

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7

Convenience products

items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort

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8

Shopping products

items for which the consumer compares several alternatives on criteria such as price, quality or style

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9

Specialty products

items that the consumer makes a special effort to search out and buy

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10

Unsought products

items that the consumer does not know about or knows about but does not initially want

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11

Business products

products organizations buy that assist in providing other products for resale

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12

Derived demand

sales of business products frequently result (or are derived) from the sale of consumer products

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13

Components

items that become part of the final product (ex: raw materials or parts)

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14

Support products

items used to assist in producing other goods and services

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15

Product item

a specific product that has a unique brand, size, or price

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16

Stock keeping unit (SKU)

a unique identification number that defines an item for ordering or inventory purposes

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17

Product line

a group of product or service items that are closely related because they satisfy a class of needs, a used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range

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18

Product mix

consists of all of the product lines offered by an organization

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19

Continuous innovation

product that requires no new learning by consumers

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20

Dynamically continuous innovation

product that disrupts consumer's normal routine but does not require totally new learning

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21

Discontinuous innovation

product that requires new learning and consumption patterns by consumers

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22

Protocol

a statement that, before product development begins, identifies 1) a well-defined target market, 2) specific customers' needs, wants and preferences, and 3) what the product will be and do to satisfy consumers

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23

New-Product Process

the seven stages an organization goes through to identify business opportunities and convert them into salable products or services

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24

New-product strategy development

defines the role for a new product in terms of the firm's overall objectives

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25

Idea generation

involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage's results

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26

Open innovation

where an organization finds and executes creative new-product ideas by developing strategic relationships with outside individuals and organizations

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27

Crowdsourcing

involves generating insights leading to actions based on massive numbers of people's ideas

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28

Screening and evaluation

the stage that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort

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29

Feasibility screen

internal approach where the firm's employees evaluate the technical feasibility of a proposed new product idea to determine whether it meets the objectives defined in the new-product strategy development stage

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30

Concept test

external evaluations with consumers that consist of preliminary testing of a new-product idea rather than an actual product; more useful with minor modification of existing products rather than new, innovative products

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31

Business analysis

specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections

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32

Development

the stage of the new-product process that turns the idea on paper into a prototype

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33

Market testing

the stage of the new-product process that involves exposing actual products to prospective customers under realistic purchase conditions to see if they will buy

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34

Commercialization

the stage of the new-product process that positions and launches a new product in full-scale production and sales; most expensive stage

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35

Parallel development

an approach where cross-functional team members who conduct the simultaneous development of both the product and the production process stay with the product from conception to production; helps speed up TtM

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36

Fast prototyping

a "do it, try it, fix it" approach used in software development that encourages continuing improvement even after the initial design

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37

Slotting fees

a payment a manufacturer makes to place a new item on a retailer's shelf; used in grocery products

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38

Failure fee

a penalty payment a manufacturer makes to compensate a retailer for devoting valuable shelf space to a product that failed to sell

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39

Product Life Cycle

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

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40

Primary demand

the desire for the product class rather than for a specific brand, since there are few competitors in the same product

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41

Selective demand

the preference for a specific brand

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42

Skimming

a pricing strategy where a company offers a high initial price to help it recover the costs of development as well as capitalize on the price insensitivity of early buyers

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43

Penetration pricing

a pricing strategy to discourage competitive entry where a company prices low to help build unit volume; but, must monitor costs

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44

Deletion

dropping the product from the company's product line

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45

Harvesting

when the company retains the product but reduces marketing costs

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46

High-learning product

products where significant consumer education is required and there is an extended introductory period

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47

Low-learning product

products where the sales curve begins immediately because little learning is required by the consumer, and the benefits of purchase are readily understood; the product is also easily imitated by competitors, so marketers must broaden distribution quickly

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48

Fashion product

products that are a style of the times; will be introduced, decline, and then return

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49

Fad

products that experience rapid sales on introduction and then equally rapid decline

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50

Product class

refers to the entire product category or industry, such as prerecorded music

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51

Product form

pertains to variations within the product class

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52

Diffusion of innovation

the way a product spreads through the population

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53

Product modification

involves altering one or more of a product's characteristics, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales

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54

Market modification

a company tries to find new customers, increase a product's use among existing customers, or create new use situations

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55

Product repositioning

changes the place a product occupies in the mind relative to competitive products; can do this by changing one or more of the four marketing mix elements

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56

Trading up

involves adding value to the product (or line) through additional features or higher quality materials

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57

Trading down

involves reducing the number of features, quality, or price of a product

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58

Downsizing

reducing the package content without changing package size and maintaining or increasing package price

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59

Branding

using a name, phrase, design, symbols, or combination of these to identify a company's products and distinguish them from those of competitors; is a basic decision in marketing products

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60

Brand name

any word, device (design, sound, shape or color), or combination of these used to distinguish a seller's goods or services

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61

Trade name

a commercial, legal name under which a company does business

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62

Trademark

identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others form using it

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63

Brand personality

a set of human characteristics associated with a brand name; research shows that consumers assign personality traits to products (traditional, rugged, etc.) and choose brands that are consistent with their own or desired self-image

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64

Brand equity

the added value a brand name gives to a product beyond the functional benefits provided; provides 1) a competitive advantage and 2) consumers are willing to pay a higher price for a product with brand equity

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65

Brand licensing

a contractual agreement whereby one company (licensor) allows its brand name or trademark to be used with products or services offered by another company (licensee) for a royalty or fee

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66

Multiproduct branding

a type of branding where a company uses one name for all its products in a product class (sometimes called family branding or corporate branding)

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67

Multibranding

involves giving each product a distinct name

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68

Private branding

used when a company manufactures products but sells them under the brand name of a wholesaler or retailer

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69

Mixed branding

a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market

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70

Product line extensions

the practice of using a current brand name to enter a new market segment in its product class

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71

Subbranding

combines a corporate or family brand with a new brand, to distinguish a part of its product line from others

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72

Brand extension

the practice of using a current brand name to enter a different product class

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73

Co-branding

the pairing of two brand names of two manufacturers on a single product

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74

Packaging

any container in which a product is offered for sale and on which label information is conveyed

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75

Label

an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

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76

Warranty

a statement indicating the liability of the manufacturer for product deficiencies

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77

Magnussen-Moss Warranty/FTC Improvement Act (1975)

regulates the content of consumer warranties and so has strengthened consumer rights with regard to warranties

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78

Services

intangible activities or benefits (such as airline trips, financial advice, or automobile repair) that an organization provides to satisfy consumers' needs in exchange for money or something else of value

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79

Four I's of Services

intangibility, inconsistency, inseparability, and inventory

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80

Idle production capacity

when the service provider is available but there is no demand for the service

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81

Service continuum

the range of product-dominant to service-dominant offerings for a company

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82

Gap analysis

identification of the differences between the consumer's expectations and experience with a service offering; this type of analysis asks consumers to assess their expectations and experiences on dimensions of service quality such as reliability, tangibles, responsiveness, assurance, and empathy

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83

Customer contact audit

a flowchart of the points of interaction between consumer and service provider

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84

Seven P's of services marketing

includes the 4 P's of the marketing mix (product, price, place, and promotion), as well as people, physical environment, and process

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85

Off-peak pricing

consists of charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service

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86

Internal marketing

based on the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at consumers

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87

Customer experience management (CEM)

the process of managing the entire customer experience with the company

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88

Capacity management

integrating the service component of the marketing mix with efforts to influence consumer demand

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89

Advertising

any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor

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90

Product Advertisements

advertisements that focus on selling a good or service and which take three forms: 1) pioneering (or informational), 2) competitive (or persuasive), and 3) reminder

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91

Pioneering advertisements

tell people what a product is, what it can do, and where it can be found (informational)

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92

Competitive advertisements

promotes a specific brand's features and benefits (persuasive)

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93

Reminder advertisements

used to reinforce previous knowledge of a product

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94

Reinforcement advertisements

used to assure current users they made the right choice

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95

Institutional advertisements

advertisements designed to build goodwill or an image for an organization rather than promote a specific good or service

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96

Fear appeals

appeals that suggest to the consumer that he or she can avoid some negative experience through the purchase and use of a product or service, a change in behavior, or a reduction in the use of a product

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97

Sex appeals

appeals that suggest to the audience that the product will increase the attractiveness of the user

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98

Humorous appeals

appeals that imply either directly or subtly that the product is more fun or exciting than the competitor's offerings

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99

Reach

the number of different people or households exposed to an advertisement

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100

Rating

the percentage of households in a market that are tuned to a particular TV show or radio station

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